Cleveland-Cliffs Inc. $CLF Shares Sold by Douglas Lane & Associates LLC

Key Points

• Douglas Lane & Associates LLC reduced its stake in Cleveland-Cliffs Inc. by 14.5%, now owning approximately 0.44% of the company, valued at $16.5 million.
• Analysts have made several adjustments to Cleveland-Cliffs' stock rating, with a consensus rating of "Hold" and an average price target of $10.96, following updates from major firms such as JPMorgan and Wells Fargo.
• Cleveland-Cliffs reported a quarterly EPS of (0.50), surprising analysts by beating estimates, with a revenue of $4.93 billion and a year-over-year increase of 7.5%.

Douglas Lane & Associates LLC lowered its stake in Cleveland-Cliffs Inc. (NYSE:CLF - Free Report) by 14.5% during the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 2,177,415 shares of the mining company's stock after selling 368,780 shares during the quarter. Douglas Lane & Associates LLC owned approximately 0.44% of Cleveland-Cliffs worth $16,548,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other institutional investors have also recently bought and sold shares of CLF. Captrust Financial Advisors increased its stake in Cleveland-Cliffs by 20.1% in the 4th quarter. Captrust Financial Advisors now owns 11,988 shares of the mining company's stock worth $113,000 after purchasing an additional 2,010 shares in the last quarter. Cresset Asset Management LLC purchased a new position in Cleveland-Cliffs in the 4th quarter worth about $95,000. Janus Henderson Group PLC increased its stake in Cleveland-Cliffs by 4.9% in the 4th quarter. Janus Henderson Group PLC now owns 217,200 shares of the mining company's stock worth $2,043,000 after purchasing an additional 10,200 shares in the last quarter. Nomura Holdings Inc. increased its stake in Cleveland-Cliffs by 42.0% in the 4th quarter. Nomura Holdings Inc. now owns 106,375 shares of the mining company's stock worth $1,000,000 after purchasing an additional 31,475 shares in the last quarter. Finally, Man Group plc increased its stake in Cleveland-Cliffs by 108.1% in the 4th quarter. Man Group plc now owns 406,346 shares of the mining company's stock worth $3,820,000 after purchasing an additional 211,046 shares in the last quarter. Hedge funds and other institutional investors own 67.68% of the company's stock.

Wall Street Analyst Weigh In

CLF has been the topic of a number of analyst reports. Wells Fargo & Company raised Cleveland-Cliffs to a "hold" rating in a research note on Thursday, August 14th. JPMorgan Chase & Co. lifted their target price on Cleveland-Cliffs from $7.50 to $10.00 and gave the company a "neutral" rating in a research note on Thursday, July 24th. Morgan Stanley lifted their target price on Cleveland-Cliffs from $8.00 to $10.50 and gave the company an "equal weight" rating in a research note on Tuesday, July 22nd. Citigroup lifted their target price on Cleveland-Cliffs from $7.50 to $11.00 and gave the company a "neutral" rating in a research note on Monday, July 21st. Finally, KeyCorp raised Cleveland-Cliffs from a "sector weight" rating to an "overweight" rating and set a $14.00 target price on the stock in a research note on Tuesday, July 22nd. Three research analysts have rated the stock with a Buy rating, four have issued a Hold rating and one has assigned a Sell rating to the company. According to MarketBeat.com, Cleveland-Cliffs has a consensus rating of "Hold" and an average price target of $10.96.

Cleveland-Cliffs Stock Down 0.8%

Shares of Cleveland-Cliffs stock opened at $11.69 on Friday. The firm has a market cap of $5.78 billion, a price-to-earnings ratio of -3.43 and a beta of 1.93. The company has a debt-to-equity ratio of 1.28, a current ratio of 2.04 and a quick ratio of 0.61. Cleveland-Cliffs Inc. has a 52-week low of $5.63 and a 52-week high of $14.34. The stock has a 50-day simple moving average of $10.31 and a 200-day simple moving average of $8.80.

Cleveland-Cliffs (NYSE:CLF - Get Free Report) last announced its quarterly earnings results on Monday, July 21st. The mining company reported ($0.50) earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.68) by $0.18. The business had revenue of $4.93 billion during the quarter, compared to analyst estimates of $4.90 billion. Cleveland-Cliffs had a negative return on equity of 17.97% and a negative net margin of 9.03%.The firm's revenue was up 7.5% on a year-over-year basis. During the same period in the previous year, the company earned $0.11 EPS. On average, equities research analysts expect that Cleveland-Cliffs Inc. will post -0.79 earnings per share for the current fiscal year.

Cleveland-Cliffs Profile

Cleveland-Cliffs is the largest flat-rolled steel company and the largest iron ore pellet producer in North America. The company is vertically integrated from mining through iron making, steelmaking, rolling, finishing and downstream with hot and cold stamping of steel parts and components. The company was formerly known as Cliffs Natural Resources Inc and changed its name to Cleveland-Cliffs Inc in August 2017.

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